Overstock’s CEO takes a medical leave

Overstock.com Inc. announced today that CEO and chairman Patrick M. Byrne has begun a medical leave of absence. Jonathan Johnson, president, is now acting CEO, while Byrne remains chairman of the board of directors.

Byrne’s absence is attributed to heart-related issues in recent years that may stem from his bouts of cancer, Overstock says.

Johnson, who has been president since 2008, says the web-only mass merchant has no plans to deviate from its current operating strategy. In the past 18 months Overstock made its supply chain more agile, which it sees as a competitive advantage.

“My colleagues and I will continue to execute on our plan,” Johnson says, adding that they look forward to Byrne’s return. No timetable was given for his return to work.

Overstock’s sales were about $1.099 billion in 2012, a 4.3% increase from $1.054 billion in 2011, the company says.

Byrne, who founded Overstock in 1999, was named chairman and CEO in 2006.